Permanent Capital

Navigating new frontiers to diversify product offerings, access new types of investors and raise capital

The world’s leading asset managers turn to Dechert for sophisticated advice and integrated legal and regulatory services that help them advance their critical permanent capital strategies.

Our multidisciplinary permanent capital team comprises lawyers who have a detailed understanding of the most current trends and developments, the latest regulatory hurdles, up-to-the-minute market terms and an insider’s view on regulatory compliance. We represent the full range of alternative investment platforms, investment management companies–including business development companies (BDCs), closed-end funds, real estate investment trusts (REITs) and other permanent capital vehicles – as well as financial intermediaries serving ...Continue Reading

Dechert represents 9 of the top 10 global asset managers worldwide. Our investment management lawyers, many of whom are former in-house counsel and regulators, guide clients on all aspects of organization and registration, and assist with developing and implementing compliance and supervisory oversight procedures.

Dechert advises sponsors and institutional investors in forming funds across all major asset classes, domiciles and structures, with attention to tax efficiency and market terms. We advise on both formation and ongoing operational matters, including those concerning allocation, co-investment and compliance matters.

Dechert’s global finance lawyers advise on complex financings to alternative capital lenders, such as BDCs and other alternative capital clients (often involving CLOs, risk retention capital formation, term and structured term facilities, ABL revolving facilities, total return swaps and prime brokerage facilities). Many of these same BDC and alternative capital clients call on us again when they make debt investments (including first tier loans, second tier loans, mezzanine loans, unitranche financings and ABL financings).

Dechert regularly represents strategic and financial buyers and sellers in planning, negotiating and executing complex transactions in the asset management sector. We focus on structuring successful deals, ensuring speed-to-market execution, and protecting client interests in all phases of the transaction.

Permanent capital clients and their underwriters rely on us to handle all of their capital markets transactions, including IPOs and follow-on offerings, rights offerings, preferred share offerings and liability management transactions. We have a track record of guiding our permanent capital clients through creative, sophisticated transactions that give them the flexibility to access assets that might otherwise be unavailable to them.

Dechert has a team of 60 lawyers that focuses on the structuring, establishment, approval, taxation and management of European-domiciled funds, including UCITS. We represent more than 60 UCITS fund complexes (comprising more than 600 funds) with respect to cross-border registration and distribution matters, including public registration in more than 30 countries and private placement in more than 120 countries.

When permanent capital clients face adversarial situations, Dechert provides comprehensive representation, ranging from counsel on global regulatory investigations by the SEC and FCA to defense in high-stakes class actions, securities and derivative litigation and commercial disputes.

Our lawyers advise on complex tax issues that confront BDCs, investment trusts, open and closed-end funds, ETFs, ETPs, variable insurance funds and other alternative investment funds, as well as their investment advisers and boards of directors/trustees. We also handle ERISA issues and projects for several investment advisers and fund complexes, and provide extensive ERISA advice to sponsors of alternative investment products.